Republicans introduce bill to prevent Euro bailout

[Avatar4321]

You really don't know how the IMF works, do you? Nor do you seem to understand how the EU "bailout" is structured.

There's no bailout involved. The IMF is guaranteeing loans from the EU to EU states.

(that's the International Monetary Fund, not the Impossible Missions Force)

Since the US is a member of IMF, then I guess somewhere down the line the money might have come from us. But as a member of the IMF, we pay a set percentage into it, not a "pay as you go" situation.

Again, how do you guarentee money that no body really has?

 

[MaggieMae]

This is nothing but a publicity stunt. Mike Pence, one of the smarter Republicans left, should be ashamed of himself. The U.S. is not poised to join the EU in any deal for the IMF to bail out Greece. The EU countries are, however, and it is all clearly spelled out here with absolutely zero mention of the United States.

Q+A-How does the EU's financial safety net work? | Reuters

The irony, though, is that IMF funds will not be taxed back to even the EU taxpayer, and although highly unlikely that the US would also seek IMF funds for that purpose, they would also not be charged back to the American taxpayer. First of all, the deal with the IMF represents guarantees by the EU of the IMF loan to Greece in the event they default. Second, the U.S. pays a fixed percentage (about 18%) as a member of the International Monetary Fund, and that doesn't change no matter what country finds itself in troubled waters.

Fearmongering and lies are the only platform of the GOP. Pathetic.

Tell me, how do you guarentee money you don't have?

That's the EU's problem to figure out, not ours. But again, read the Reuters piece, which explains how it will work. I'm sure GB's credit worthiness is still a respectful consideration on a global scale, at least enough to be a guarantor of the loan.

 

[MaggieMae]

Why not take that money and.... <gulp> put it back into social security?

WHOT? Are you ever sober?

 

[theDoctorisIn]

You really don't know how the IMF works, do you? Nor do you seem to understand how the EU "bailout" is structured.

There's no bailout involved. The IMF is guaranteeing loans from the EU to EU states.

(that's the International Monetary Fund, not the Impossible Missions Force)

Since the US is a member of IMF, then I guess somewhere down the line the money might have come from us. But as a member of the IMF, we pay a set percentage into it, not a "pay as you go" situation.

Again, how do you guarentee money that no body really has?

Talk to financial experts. I'm not one.

But it clearly happens all the time. I remember reading a little while ago that speculation accounts for 70% of financial transactions.

 

[MaggieMae]

Sounds reasonable to me... We can't even fix our own country yet we are trying to fix another country????? WTF?

Right Now - Republicans introduce bill to prevent Euro bailout

ROFLMNAO...

The bad news here is that the GOP doesn't have the votes to do a damn thing to stop it.

This is what it must be like to be locked in the engine of a train watching some lunatic slam the throttle full speed as it nears the end of the line...

Hey... No need to worry about it. November's comin'... So it'll all be over SOON!

But isn't it absolutely ASTONISHING, that there are still bubble heads that support the kenyan and his SPEND AMERICA INTO CERTAIN FINANCIAL RUIN agenda?

No. What's astonishing are the barroom bloviators who think they've got very complex issues that hardly began just last year all figured out.

 

[MaggieMae]

Huh?? Obama called Angela Merkel and insisited that $600 billion wasn't enough! He insisted that it needed to be AT LEAST $1 Trillion!!! Our part is $54 Billion!! And we don't even have any money!!

Just making things up, are we?

Or do you have a source?

Sure... Will this do?

"That call was part of what a senior Treasury Department official called “one long conversation” with European leaders, who over an extraordinary weekend of late nights and early mornings overcame German resistance and agreed to a wholesale expansion of the bloc’s political and financial mission. Bending the rules, they backed the stability of all 16 countries that use the euro with loan guarantees adding up to nearly $1 trillion. "

Hey, thanks for making my case!! Also, from the NYT article you linked:

Now, Mr. Obama told Mrs. Merkel that the Europeans needed an overwhelming financial rescue to end speculation that the euro — and European unity — could crumble.

He said NOTHING about U.S. joining in the support.

 

[MaggieMae]

And NONE of that money is coming from the US!

Read this... you may learn something... The IMF Needs Real Reform, Not More Money | The Heritage Foundation

Read this. YOU might learn something.

Q+A-How does the EU's financial safety net work? | Reuters

Their typical knee-jerk reaction is to tear it all down and start over. Ayup, let's "reform" the IMF before the EU saves Greece. Let's allow the Big 6 Banks to crumble; we'll deal with the bread lines later...

 

[MaggieMae]

Why not take that money and.... <gulp> put it back into social security?

Or how about we just let the people who earned it keep it.

Who's talking about Social Security? Good grief, if a "lib" posts something OT or non-sequitur, you people go ballistic.

 

[MaggieMae]

And NONE of that money is coming from the US!

ROFLMNAO...

Yeah, that's right... If reality doesn't work for ya... CREATE YOUR OWN.

Good call...

Prove me wrong or admit defeat. Your choice.

Look who you're talking to. Just...walk...away...

 

[theDoctorisIn]

ROFLMNAO...

Yeah, that's right... If reality doesn't work for ya... CREATE YOUR OWN.

Good call...

Prove me wrong or admit defeat. Your choice.

Look who you're talking to. Just...walk...away...

Yeah, I know.

 

[BolshevikHunter]

When The United States of America is controlled and ruled by International Bankers, The International Bankers are gonna bail out all their International Banks. The prior bail outs have already done this to a certain extent. This would only make it Law so nobody can call them on it. Anyone with a brain already should have understood that the banks here operate in many other Nations. That's bottomfeeding Internationalism for yuh. Our founders warned us about the dangers of it. That puppet puke bag maggot Timothy Geithner can't let his Masters down or he will be replaced. ~BH

 

[MaggieMae]

Read this... you may learn something... The IMF Needs Real Reform, Not More Money | The Heritage Foundation

Read this. YOU might learn something.

Q+A-How does the EU's financial safety net work? | Reuters

Good God... are you really that dense?

WHERE DO YOU THINK THE MONEY COMES FROM?

Holy shit man.... quit with the playing DUMB.

It works just like a bank, genius. Money is loaned and equity is still retained. If Greece gets a loan from the IMF, it will OWE the IMF that money, plus interest. The United States will OWE zilch because it is NOT guaranteeing Greece's loan. Is your neighbor who has money in the same bank you do business with responsible for YOUR mortgage if you default? Of course not.

 

[MaggieMae]

You really don't know how the IMF works, do you? Nor do you seem to understand how the EU "bailout" is structured.

There's no bailout involved. The IMF is guaranteeing loans from the EU to EU states.

(that's the International Monetary Fund, not the Impossible Missions Force)

Since the US is a member of IMF, then I guess somewhere down the line the money might have come from us. But as a member of the IMF, we pay a set percentage into it, not a "pay as you go" situation.

Again, how do you guarentee money that no body really has?

Like any "bank," they are taking a risk that Greece will get its act together and tighten its belt and thereby be in a position to make payments on the loan. What's not to *get* about this whole thing? It's incredible that people don't understand the mission of the IMF.

 

[MaggieMae]

When The United States of America is controlled and ruled by International Bankers, The International Bankers are gonna bail out all their International Banks. The prior bail outs have already done this to a certain extent. This would only make it Law so nobody can call them on it. Anyone with a brain already should have understood that the banks here operate in many other Nations. That's bottomfeeding Internationalism for yuh. Our founders warned us about the dangers of it. That puppet puke bag maggot Timothy Geithner can't let his Masters down or he will be replaced. ~BH

AARGH!!! Why oh why do we bother even attempting to explain to these dunderheads...

 

[Quantum Windbag]

No - the bill includes provisions to stop that:

The European Bailout Protection Act would:

1) Prohibit any funds that have yet to be drawn by the IMF from being used to provide financing to any EU countries until all EU nations are in compliance with the debt to GDP ratio requirement in their own collective growth pact.

2) Require the Treasury Secretary to oppose any IMF loans to EU nations until all EU countries are in compliance with their debt to GDP ratio requirement.

The bill does not permanently prohibit the IMF from lending to these nations; it simply prohibits the U.S. from participating in the proposed European bailout.

Looks to me like we ought to be following our own advice. This bill ought to include the U.S..

Expect consistency from politicians?

 

[Quantum Windbag]

Can y'all stop referring to Europe as 'a country'. It is not a country - it is 27 countries. Honestly, can't we not strive for intelligent comment? Europe - Union - not country. No one's asking you to bail out a country - a currency maybe.... that would be the 'Euro', as in 'used across Europe' (excluding the UK - yay!).

Obama started the thing about Europe being a country, so give the rest of the nuts a break. The bailout is actually aimed at a country though, Greece.

 

[Quantum Windbag]

Just making things up, are we?

Or do you have a source?

Sure... Will this do?

"That call was part of what a senior Treasury Department official called “one long conversation” with European leaders, who over an extraordinary weekend of late nights and early mornings overcame German resistance and agreed to a wholesale expansion of the bloc’s political and financial mission. Bending the rules, they backed the stability of all 16 countries that use the euro with loan guarantees adding up to nearly $1 trillion. "

And NONE of that money is coming from the US!

Really?

U.S. plays 2 roles in European bailout plan

 

[theDoctorisIn]

Sure... Will this do?

"That call was part of what a senior Treasury Department official called “one long conversation” with European leaders, who over an extraordinary weekend of late nights and early mornings overcame German resistance and agreed to a wholesale expansion of the bloc’s political and financial mission. Bending the rules, they backed the stability of all 16 countries that use the euro with loan guarantees adding up to nearly $1 trillion. "

And NONE of that money is coming from the US!

Really?

U.S. plays 2 roles in European bailout plan

Yeah, read your link. The US is a member of the IMF, so theoretically if the EU were to collapse, "American taxpayer dollars" might go to the EU.

No "bailout" money is coming from the US.

 

[Quantum Windbag]

This is nothing but a publicity stunt. Mike Pence, one of the smarter Republicans left, should be ashamed of himself. The U.S. is not poised to join the EU in any deal for the IMF to bail out Greece. The EU countries are, however, and it is all clearly spelled out here with absolutely zero mention of the United States.

Q+A-How does the EU's financial safety net work? | Reuters

The irony, though, is that IMF funds will not be taxed back to even the EU taxpayer, and although highly unlikely that the US would also seek IMF funds for that purpose, they would also not be charged back to the American taxpayer. First of all, the deal with the IMF represents guarantees by the EU of the IMF loan to Greece in the event they default. Second, the U.S. pays a fixed percentage (about 18%) as a member of the International Monetary Fund, and that doesn't change no matter what country finds itself in troubled waters.

Fearmongering and lies are the only platform of the GOP. Pathetic.

Tell me, how do you guarentee money you don't have?

That's the EU's problem to figure out, not ours. But again, read the Reuters piece, which explains how it will work. I'm sure GB's credit worthiness is still a respectful consideration on a global scale, at least enough to be a guarantor of the loan.

How does the fact that we are effectively cosigning a loan that is probably not going to be paid back not put our money at risk? Unless you are claiming is that the plan is we default on the loan if they default, which sorta defeats the purpose of a guarantee.

 

[PubliusInfinitum]

And NONE of that money is coming from the US!

ROFLMNAO...

Yeah, that's right... If reality doesn't work for ya... CREATE YOUR OWN.

Good call...

Prove me wrong or admit defeat. Your choice.

Cool... I choose "Prove you wrong."

And I choose as source to prove you wrong... one which I think you'll find hard not to accept.

Read this. YOU might learn something.

Q+A-How does the EU's financial safety net work? | Reuters

Good God... are you really that dense?

WHERE DO YOU THINK THE MONEY COMES FROM?

Holy shit man.... quit with the playing DUMB.

You really don't know how the IMF works, do you? Nor do you seem to understand how the EU "bailout" is structured.

There's no bailout involved. The IMF is guaranteeing loans from the EU to EU states.

(that's the International Monetary Fund, not the Impossible Missions Force)

Since the US is a member of IMF, then I guess somewhere down the line the money might have come from us. But as a member of the IMF, we pay a set percentage into it, not a "pay as you go" situation.

Now in case ya missed it... this proves you wrong... using YOU and your own reasoning as the source.

Now how cool is THAT?